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Re: Statutory Trust Account

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Newbie

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Replies 2

Hi all,


For the first time I have a client who has just started running a migration agency through a company he registered. 
The client receives money from clients. The money is then spent on their applications and processes.

My query is that how should the client operate and have its bank accounts?

At the moment he has an account where it is used for day to day business activities and the bank does not allow him to have a Statutory Trust Account to keep client's funds and he has another account where he called it client account but unfortunately he earns interest on that account which is not right.

 

Please advise.

Regards

Taqi

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Most helpful response

Devotee

Replies 0

Hi Taqi,

 

Welcome to the ATO Community!

 

This likely isn't a question the ATO can respond to given I suspect it's outside of the scope of thier advice, however I'm hopeful there's a few financial planners and agents that see this thread, and have some insight and knowledge to share soon.

 

I hope you get a response shortly  Smiley Happy

 

Cheers,

 

 

2 REPLIES 2

Most helpful response

Devotee

Replies 0

Hi Taqi,

 

Welcome to the ATO Community!

 

This likely isn't a question the ATO can respond to given I suspect it's outside of the scope of thier advice, however I'm hopeful there's a few financial planners and agents that see this thread, and have some insight and knowledge to share soon.

 

I hope you get a response shortly  Smiley Happy

 

Cheers,

 

 

Community Support

Replies 0

Hi @Taqi,

 

Welcome to our Community!

 

We can provide general information about tax and super topics here; however we can't advise how your client should keep their bank accounts.

 

You can check out the Office of the Migration Agents Registration Authority within the Department of Home Affairs which has a guide to best practice for handling client's monies.

 

Hope this helps, JodieH.